Mining company is benefitting from lower production costs and higher market prices

Mining company Kenmare Resources has reported another record level of production at its Moma titanium minerals mine in Mozambique.

The firm said total shipments of finished product during the three months to the end of September rose by 48 per cent to 280,800 tonnes with ilmenite, zircon and ore production all increasing.

In a trading update, Kenmare said it was also benefitting from lower production costs and an increased spot price for ilmenite, which is up by 70 per cent in China this year alone.

“Q3 2016 represented a record quarter for finished product output, demonstrating the benefits of stable power supply, increased supplemental mining and higher grades,” managing director Michael Carvill said.

“ 2016 is also expected to be a record year for production of all final products, and for unit costs to be even lower in the second half of the year,” he added.

Source: The Irish Times